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Student Loan

BunnieBunnie TheSite's sweetie piePosts: 6,099
What is the minimum student loan repayment?

Is it still that you need to be earning 15k before they take money from you?

Comments

  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    yes
  • BunnieBunnie TheSite's sweetie pie Posts: 6,099
    what is the minimum repayment?
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    You pay 9% on anything you earn over 15k I think.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    katchika wrote: »
    You pay 9% on anything you earn over 15k I think.

    :yes:
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    yup, but once you start paying, its not that easy to stop (eg if your temporarily unemployed)

    Student loans company have a nast habbit of selling their debt too
  • BunnieBunnie TheSite's sweetie pie Posts: 6,099
    selling their debt?
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Bunnie wrote: »
    selling their debt?

    I think it's something along the lines of, companies will have a debt book with everyone who has debt, if you don't pay up they lose money to 'bad debts' so will sell the debt (for less than it's worth - which is why most companies will negotiate) to specialist debt recovery firms (i.e. bailiffs).

    Not heard of the SLC doing this though, but I'm still at uni :)
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    katchika wrote: »
    You pay 9% on anything you earn over 15k I think.

    :yes: HMRC will inform your employers when to start making deductions. Bear in mind if you get paid over £15K a year your allowance will go against your main salary and any bouns/comission will have a straight 9% taken off.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Yes, it's 9% of anything over £15k. It used to be £12k, which affected me, but not now as I don't earn as much as £15k.
  • Former MemberFormer Member Posts: 1,876,328 The Mix Honorary Guru
    Mr Tuition wrote: »
    yup, but once you start paying, its not that easy to stop (eg if your temporarily unemployed)

    The student loan is taken directly from your pay packet under PAYE. If you're not earning then you don't pay.
    Student loans company have a nast habbit of selling their debt too

    Er, no they don't.

    There are some differences for the old style student loan, but there are very few people on this style of loan. It sounds like you might be on the old style loan, and you can ask for a postponement on your payments if you're earning under the threshold.
  • BunnieBunnie TheSite's sweetie pie Posts: 6,099
    Thanks for the advice peeps
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